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Revenues from operations for the period under consideration stood little changed at Rs 3.91 billion.

For the quarter, the company’s total assets under management stood at Rs 4.04 trillion, an increase of six per cent year-on-year, while mutual fund (MF) assets for the quarter were up six per cent at Rs 2.45 trillion.

Reliance MF’s equity AUM rose 25 per cent YoY to Rs 1 trillion. The share of equity assets in its portfolio rose to 37 per cent during the quarter.

The company said it focused on high-yielding equity assets. The company, in a release, said it manages retail investor assets of Rs 837 billion, one of the highest in the country.

Typically, most of the retail assets are in the equity segment. “We have higher share of retail assets which tends to be stickier during volatile periods,” said Sundeep Sikka, Chief Executive Officer of Reliance MF.

Shares of Reliance MF rose 4.5 per cent to Rs 167 on Wednesday. Reliance MF had come out with an initial public offering (IPO) in October 2017. It had issued shares at Rs 252 apiece in its initial public offering.

The company in a statement said it had utilised Rs 4.16 billion of the Rs 5.9 billion it had raised through the IPO. It said it manages systematic investment plan portfolios of 2.9 million with an annualised book of Rs 102 billion, and manages assets worth Rs 413 billion from outside the top 30 cities. Reliance MF added that it has a geographical reach across 298 locations.